Lenders in talks with ARCs to sell Reliance Naval & Engineering loans

Lenders worried over their Rs 14,000-cr exposure in shipyard

With Hazel Mercantile's bid for Reliance Naval & Engineering, a bankrupt defence shipyard firm earlier owned by Anil Ambani group, currently stuck at the National Company Law Tribunal, lenders are planning to sell their loans to the asset reconstruction companies (ARCs). The company was sent for debt resolution in January 2020 after it defaulted to Rs 13,000-crore debt.

Lenders have initiated talks with ARCs to gauge the demand for the loans and a decision is expected in the ongoing quarter. “The Hazel Mercantile bid is pending in the NCLT and there is no clarity on when the litigation will get